Can I retire at age 62 with 984,000?

Use the below retirement simulation to view the chances of a successful retirement.
Confused? Try the simple retirement calculator
About Your Retirement ?
Current Age
Retirement Age
Current Savings $
Annual Deposits $
Annual Withdrawals $
Stock market crash:
Portfolio ?
% in Stocks:
% in Bonds:
% in Cash:
Modify Stock Returns:
0%
Modify Bond Returns:
0%
Modify Cash Returns:
0%
Modify Inflation:
0%
How much money do I need to retire?

This retirement calculator runs simulations based on past data from the S&P 500, 10 Year Treasury Bond, 3 month T-Bill, and US inflation. For each year of each simulation, a random return and inflation amount is chosen.

How to use: Enter your current age and the age when you retire. Then enter your current savings, the amount that you can save annually before you retire, and the amount that you plan to withdraw after retirement. Your annual deposits and withdrawals take inflation into account. For example, if you need $50,000 to live on in retirement using today's dollars, we will automatically take into account the cost of living for your retirement years. The same is true for your annual deposits. Next, decide if you'd like to simulate a stock market crash.

In the portfolio section, choose the makeup of your portfolio with stocks, bonds, and cash. Cash assumes that your money is stored in a savings account. You can then alter the future returns and inflation. For example, if the market has historically returned about 10%, but you think the future will be worse, modify the stock returns by -3%, and the future returns will average out to 7%. Investment fees can also lower stock market returns. Many index funds and ETFs offer extremely low fees and expenses.

Many people receive income in retirement, such as social security, pension plans, part time jobs, annuities, and other benefits. This would allow you to take out smaller distributions every year. Please note that taxes must also be considered, but are not used in this simulation. A 401k, Roth IRA, and Traditional IRA are taxed differently than a standard investment account, as are dividends.

Note: This assumes that the future is at least somewhat like the past. In reality, anything could happen. The Soviet Union collapsed, Japan's Nikkei Index is still well below its 1989 peak. Numerous other markets have changed drastically and never recovered. However, this online tool is helpful in retirement planning and estimating how much you might need for retirement, especially those hoping to retire early. We recommend receiving advice from a financial planner.

Want to retire with $984,000?

Depending on your rate of return and investment timeframe, you'll need to save this amount every month.
2%4%6%8%10%12.5%
1 years$81,258$80,534$79,828$79,139$78,466$77,646
2 years$40,227$39,477$38,751$38,047$37,365$36,539
3 years$26,551$25,799$25,075$24,377$23,706$22,900
4 years$19,715$18,965$18,248$17,562$16,907$16,128
5 years$15,614$14,869$14,161$13,490$12,852$12,101
6 years$12,881$12,141$11,444$10,788$10,170$9,448
7 years$10,930$10,196$9,510$8,869$8,271$7,578
8 years$9,467$8,740$8,065$7,440$6,861$6,199
9 years$8,330$7,610$6,947$6,337$5,778$5,145
10 years$7,421$6,708$6,056$5,463$4,923$4,319
11 years$6,678$5,972$5,332$4,754$4,234$3,658
12 years$6,059$5,360$4,732$4,170$3,669$3,121
13 years$5,535$4,844$4,228$3,682$3,200$2,678
14 years$5,087$4,403$3,799$3,268$2,805$2,310
15 years$4,699$4,022$3,430$2,915$2,470$2,000
16 years$4,359$3,690$3,109$2,610$2,183$1,738
17 years$4,060$3,398$2,829$2,345$1,935$1,515
18 years$3,795$3,140$2,583$2,113$1,721$1,324
19 years$3,558$2,910$2,365$1,909$1,534$1,159
20 years$3,344$2,704$2,170$1,729$1,370$1,017
21 years$3,152$2,519$1,996$1,569$1,226$893
22 years$2,977$2,351$1,840$1,427$1,099$786
23 years$2,817$2,199$1,699$1,300$986$693
24 years$2,671$2,061$1,571$1,185$887$611
25 years$2,537$1,934$1,455$1,083$798$539
26 years$2,413$1,817$1,349$990$719$476
27 years$2,299$1,710$1,253$906$648$421
28 years$2,193$1,612$1,165$830$585$372
29 years$2,095$1,520$1,084$761$528$330
30 years$2,003$1,436$1,010$699$477$292
31 years$1,917$1,357$941$642$431$259
32 years$1,837$1,284$878$590$390$229
33 years$1,762$1,216$820$542$353$203
34 years$1,692$1,153$766$499$320$180
35 years$1,625$1,093$716$459$290$160
36 years$1,563$1,038$670$423$262$142
37 years$1,504$986$627$390$238$126
38 years$1,448$937$587$359$216$112
39 years$1,395$891$550$331$195$99
40 years$1,345$847$516$305$177$88
41 years$1,298$807$484$282$161$78
42 years$1,253$768$454$260$146$69
43 years$1,210$732$426$240$132$62
44 years$1,169$698$400$222$120$55
45 years$1,130$665$375$205$109$49
46 years$1,093$635$352$189$99$43
47 years$1,058$606$331$175$90$38
48 years$1,024$578$311$161$82$34
49 years$992$552$292$149$74$30
50 years$961$528$275$138$67$27

Sample Expected Returns by Investment Class

How long will my money last in retirement? Person retiring at age 62 starting with $984,000, adding $3,185 every year, while hoping to spend $37,869 every year in retirement. These numbers increase with inflation.
Reality usually performs much different than the expected returns. This uses historical averages, but anything can happen. In general, riskier investments have greater returns on average, but more volatility in the short term.
Age Total: 100% Stocks Total: 100% Bonds Total: 100% Cash Total: 69/23/8 Blend
61$984,000$984,000$984,000$984,000
62$1,087,653$1,035,501$1,020,249$1,160,942
63$1,158,302$1,045,949$1,014,135$1,220,352
64$1,234,887$1,055,639$1,006,547$1,280,403
65$1,317,975$1,064,494$997,396$1,345,072
66$1,408,187$1,072,433$986,588$1,414,803
67$1,506,208$1,079,368$974,024$1,490,088
68$1,612,790$1,085,206$959,603$1,571,469
69$1,728,762$1,089,848$943,217$1,659,541
70$1,855,033$1,093,189$924,753$1,754,964
71$1,992,608$1,095,117$904,093$1,858,463
72$2,142,589$1,095,512$881,115$1,970,838
73$2,306,189$1,094,249$855,689$2,092,971
74$2,484,747$1,091,193$827,680$2,225,836
75$2,679,732$1,086,202$796,948$2,370,504
76$2,892,764$1,079,125$763,345$2,528,159
77$3,125,625$1,069,802$726,717$2,700,104
78$3,380,280$1,058,063$686,903$2,887,780
79$3,658,888$1,043,728$643,734$3,092,770
80$3,963,829$1,026,605$597,034$3,316,825
81$4,297,724$1,006,493$546,619$3,561,873
82$4,663,458$983,178$492,297$3,830,040
83$5,064,209$956,432$433,867$4,123,672
84$5,503,477$926,016$371,120$4,445,355
85$5,985,116$891,674$303,837$4,797,940
86$6,513,371$853,139$231,788$5,184,572
87$7,092,917$810,126$154,736$5,608,718
88$7,728,906$762,333$72,430$6,074,200
89$8,427,009$709,443$0$6,585,235
90$9,193,477$651,118$0$7,147,785
91$10,035,192$587,003$0$7,772,344
92$10,959,737$516,721$0$8,458,397
93$11,975,466$439,876$0$9,212,202
94$13,091,581$356,048$0$10,040,654
95$14,318,220$264,792$0$10,951,354
96$15,666,552$165,641$0$11,952,682
97$17,148,882$58,099$0$13,053,875
98$18,778,767$0$0$14,265,116
99$20,571,142$0$0$15,612,397
100$22,542,462$0$0$17,110,421